NYSE Scores Coup on Twitter Listing Besting Nasdaq

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Oct. 16 (Bloomberg) -- Bloomberg deals reporter Cristina Alesci looks at the impact of Twitter’s decision to list on the NYSE rather than Nasdaq as the company looks to separate itself from the path taken by Facebook. She speaks on Bloomberg Television’s “Market Makers.”

Going public has decided where to list its shares.

Twitter is going to the new york stock exchange, starting with the latest battle in the listing wars.

Christina, what do we know about why they chose the big board.

These guys seem fixated on doing everything differently than facebook did.

The reality is that nasdaq will be out there trying to recover from this huge blow in the new york stock exchange.

They will say that this is the vindication of our model of dedicated market that will support the price of the stock, but in reality, the high profile listings are becoming and more important because of the branding efforts that each of these exchanges are making at a time when you list actually matters less and less by the day because most of the trading does not happen on the exchange that you list on.

There are listing fees.


Nasdaq has historically been cheaper.

The question is, what kind of deal did they get?

What did they need to do whatever facebook isn't doing?

Is that the right decision for them?

Probably not.

What they want to avoid is any kind of insinuation that they should maybe be aligned with facebook.

These are fierce competitors.

In reality, the glitch that happened that facebook started trading, it should be dancing.

They have been waiting on those 40 minutes.

Everybody is wondering what was going on.

How can they change this well- known not open trading?

Does this mean that nasdaq never really recovered?

It does mean that.

If you look at the numbers, from the 10 years from 2001- 2010, nasdaq was blowing the new york stock exchange out of the water.

The new york stock exchange got a third of the listing.

The last three years, that disparity has completely evened out.

This has been a 15 year effort to demonstrate some tech credits, right?

They have oracle, they got oracle to switch from the nasdaq, linkedin.

The default for most companies, the way that most bankers can tell a company, advising them where to list is to go where you're most comfortable.

Here, you are doing the complete opposite of because many would look at twitter and say, facebook is trading, what are the comps on revenue and on ebay.

-- and on ebitda.

Let's not forget there is an even bigger ipo coming down the pipe.

We just mentioned that company, alibaba.

Bankers are fighting to make their pitches.

This will be the third largest internet company in the world when it is listed.

This is a big deal.

The talks with the hong kong exchange broke down because what they wanted to do was have a dual class of shares.

What this is about is the executive that want to keep control.

Facebook executives want to keep control of the company and the hong kong exchange would not let them do this.

This is a dual listing structure.

That is meant to be with the individual investors.

We have a dual class system where you could own shares but you don't have a say in the company.

It seems like a classless system.

Twitter, do you think that aly baba is worth hundred 20

This text has been automatically generated. It may not be 100% accurate.


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